“An open society is a society which allows its members the greatest possible degree of freedom in pursuing their interests compatible with the interests of others.”

Unfortunately, the more complex the system, the greater the room for error.

The main obstacle to a stable and just world order is the United States.

Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other in a reflexive manner.

Increase your bets when you are confident and scale down your positions when you don’t have conviction.

If we care about universal principles such as freedom, democracy and the rule of law, we cannot leave them to the care of market forces; we must establish some other institutions to safeguard them.

Market prices are always wrong in the sense that they present a biased view of the future.

I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them.

Most of the poverty and misery in the world is due to bad government, lack of democracy, weak states, internal strife, and so on.

My approach works not by making valid predictions but by allowing me to correct false ones.

The strength of this country lies in the Declaration of Independence and the Bill of Rights and the freedom of speech and thought.

Revolutions usually start with enthusiasm and end in tears.

Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.

No individual anonymous participant can influence the prices and therefore you really can speculate in the market without paying attention to morality. That’s one of the positive features of markets. That’s why they function.

It is sort of a disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.

Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.

The main difference between me and other people who have amassed this kind of money is that I am primarily interested in ideas, and I don’t have much personal use for money.

Greatness occurs when your children love you, when your critics respect you and when you have peace of mind.

Faith in something greater than ourselves enables us to do what we have said we’ll do, to press forward when we are tired or hurt or afraid, to keep going when the challenge seems overwhelming and the course is entirely uncertain.

It’s in my interest, in ours perhaps, or maybe the interests of the greater good, for me to smoke a joint, and calm down.

My mom was a teacher – I have the greatest respect for the profession – we need great teachers – not poor or mediocre ones.

We seldom get into trouble when we speak softly. It is only when we raise our voices that the sparks fly and tiny molehills become great mountains of contention.

Those we most love cause us not only great joy but also great pain. LOVE is stronger than fear, life stronger than death, hope stronger than despair. We have to trust that the risk of loving is always worth taking.

You will come to know that what appears today to be a sacrifice will prove instead to be the greatest investment that you will ever make.

I spent my whole life helping my mother carry around her psychic trunks like a bitter bellhop. So a great load was lifted when she died, and my life was much easier.